Research In Motion (RIMM) : Rumours and resistance

RIMM is rumoured to reveal its tablet device next week.

The first sign of a ‘short term bullish’ trend came when it starts moving up even though issues with India are not fully resolved.

RIMM looks set to break the resistance from its gap down in August (at around 49.50). After which, resistance is expected at 50.50 from the fairly thick kumo.

I believed RIMM will break 49.50 however, it will be stop out at the kumo resistance and will retrace towards a trading range of between $45 and $50.

For RIMM to move up much higher, it has to show that its investment in the new products will gather lots of sales or enter markets that have not been captured by competitors from AAPL, GOOG and HPQ.

By iam802

Trend trading with Ichimoku